The Malaysia Digital Economy Corporation (MDEC) recently signed a memorandum of understanding (MoU) with an multinational financial services corporation to advance digitalisation in the economy and support digital initiatives outlined in the government’s new PENJANA economic recovery plan.
MDEC, an agency under the Ministry of Communications and Multimedia Malaysia (KKMM), stated that the partnership will focus on enabling e-commerce for micro, small-and-medium-sized enterprises (MSMEs); foster financial inclusion for unbanked and underbanked populations in rural communities, and drive the adoption of digital disbursement solutions.
The Deputy Minister of Communications and Multimedia Malaysia stated that the MoU between the financial firm and MDEC, the lead agency in driving the nation’s digital economy initiatives, brings a truly dynamic synergy that will see the sharing of best practices and knowledge-sharing between both parties to enable the economy’s digital transformation and fuel business growth in Malaysia.
KKMM and MDEC aspire to firmly establish Malaysia as the Heart of Digital ASEAN and reinforce its regional digital powerhouse role that engages global champions by ensuring the digital economy will drive shared prosperity for all Malaysians as well as the region.
The industry partners of both parties will be supported in the rollout of the financial firm’s payments and business technologies such as like the firm’s proprietary Payment Gateway Services, Kionect microcredit platform, and Tap-on-Phone Contactless Technology and Simplify Commerce.
The Chairman of MDEC noted that the challenges faced by the businesses this year have demonstrated to the government that achieving sustainable and inclusive growth requires a proactive public-private sector collaboration for trade and commerce to continue to flourish in the global scene.
Moreover, digitalisation is key and will continue to be a major factor for Malaysians to embrace living and working in an era that engages the 4th Industry Revolution (IR4.0) that propels forward shared prosperity for all.
The Chief Executive Officer of MDEC commented that by working with financial giant and drawing on their expertise in developing vast electronic payment infrastructure, the government looks forward to tackling a range of pressing economic and social issues through technologies that better connect individuals, communities, and businesses to become digitally-skilled Malaysians and digitally-powered businesses of all sizes across the country.
Both partners will leverage on each other’s programs such as the firm’s global mentorship programs and signature Girls4Tech STEM curriculum to promote digital and financial literacy for vulnerable groups, such as underprivileged women and girls, and women-led enterprises.
These are areas that are also being championed by MDEC through its various existing programs such as digital talent development, empowering women in cyber risk management, online eCommerce services with Perkhidmatan e-dagang setempat (PeDas), eUsahawan (entrepreneurship) and eRezeki (sustenance) initiatives.
MDEC will now be a corporate member of StartPath, Mastercard’s global initiative that supports innovative early-stage companies, to enable Malaysian Islamic FinTechs to grow and expand.
The Country Manager for Malaysia and Brunei at the financial services firm stated that the work that MDEC does is line with the company’s aims to advance digital technologies to create opportunity, expand inclusivity, and drive profitable entrepreneurship.
The Malaysian government has laid out ambitious goals for moving the country forward and create a smart, informed community—both out of the pandemic and beyond—and the firm is committed to supporting this pursuit of progress by working with the MDEC to deploy the most secure, efficient, and versatile payment technologies in the world.
In 2017, the firm partnered with Cyberview and the Malaysian Global Innovation & Creativity Centre (MaGIC) to transform Cyberjaya as a Smart City with a focus on cashless initiatives and now look forward to continuing this digital innovation endeavour through MDEC on a nationwide scale.
